Mining, quarrying contribute $3bn to economy

Aug. 23, 2016, 10:44 a.m.

The mining and quarrying sector in 2015 generated over $3.1billion in revenue to the country’s economy.

Of this amount a little over $465,000 was returned to Ghana through the Bank of Ghana as mandatory surrender. Mineral revenue returned to the country through commercial banks as voluntary repatriation was a little over $2.1 billion.

Of the total revenue accrued that is $3.1 billion, figures from the Ghana Revenue Authority shows $2.6 billion was returned to Ghana which comes up to 85 percent of the total revenue accrued.

The figures published by the Ghana Chamber Mines shows total fiscal payment from the $3.1 billion amounted to $377.3 million of which a little over $130 million went into mineral royalties, $124 million into corporate tax.

$108 million went into Employee Income Tax Payments (PAYE) while $234,000 went into other taxes, meanwhile dividends paid to the state amounted to US$13 million and property rate payments amounted to $978,000.